MASSIVE short covering in stocks.

Quote from otcstockfund:

a higher cpi tomorrow should be berry berry interesting :)
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Ordinarily I would agree with you, and you may be right, we'll find out tomorrow. There's no guarantee that it will be higher, as some here are assuming. In any case, this market has gone almost straight up in the face of tons of negative news. Things that ordinarily would have hit the market hard.

Foreign markets are leading the US market right now. Global growth is excellent and US equities are locked on to that, not the latest statistic from the Federal bureaucracy. Combine that with the NYA index and others blowing through resistance levels and "dealer's" very accurate comments on short levels and you've got a powerful rally.

Another thing that helped the rally today, Greenspan's statement that US growth will be supported by the world economy:

http://www.bloomberg.com/apps/news?pid=20601087&sid=a__xAgfS9sCw&refer=home
 
Quote from myminitrading:

If psychology shifts towards a rate hike, and this number may raise the odds quite a bit we just may see that shift in the next few weeks.

Not a bear, but pulling in my horns for now, I need to see a good correction and I will re-enter from the long side until then have at it. I will not be establishing any new longs up here.
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your words are literally the party line of 'bulls late to the party'.

regardless, I'm neutral right now. That means I'm buying puts at these levels as well as staying long. In essence, a perfect point to straddle. May 1475s are cheap. Additionally, I bought the soon to expire apr 20 es 1475 straddles for a quick play. just need a decent move either way.

I'm hoping that some big guy wants these futures to expire hopefully far away from where they are at today.
 
although I primarily follow the E-Minis, one report I have calls for the S&P to hit 1490 in the next couple of days...and today was called perfectly.

It may not just be the CPI tomorrow; Housing Starts & Building Permits also are released followed by Industrial Productions & Capcities a few minutes later...a perfect blend of reports that a market can get driven up upon if remotely positive :)
 
What's not to like?? Daily gap ups and the market just goes up in a straight line? Why can't people seem to enjoy the good times!! GO MARKET!!!
 
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